Redrow revenue hits new record as housebuilder continues London exit September 14, 2022 Housebuilder Redrow’s revenue has climbed above pre-Covid-19 levels, as it continues its withdrawal from the London market. Revenue grew 10 per cent to a record £2.14bn in the year to 3 July. While profit before tax hit £246m, down from the £314m, it reported a year prior due to one-time fire safety costs of £164m. [...]
Forget tech, hospitality or transport: These are Britain’s most profitable sectors September 13, 2022 At the beginning of this year, the UK counted around 5.6 million private sector businesses. Described as the backbone of the UK’s economy, SMEs account for 99.9 per cent of all businesses in Britain. With house prices currently at a record high, it’s no surprise that business and property services are amongst the sectors making the most profit in the [...]
Most UK homebuyers and owners are locking in mortgage rates as rises loom September 13, 2022 The majority of homebuyers and owners are locking in their mortgage rates to escape looming rate rises later this year, according to the latest data. Most new buyers – some 95.5 per cent – are taking out fixed rate mortgages, the Financial Conduct Authority (FCA) found, while the proportion of mortgaged homeowners fixing their rates [...]
Bitcoin back above $22k on a wave of investor optimism over inflation September 12, 2022 The price of Bitcoin is holding above $22,000 this morning, after a bounce on Friday took the largest cryptocurrency above $21,000.
City Moves: Who’s switching jobs in the Square Mile? September 9, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Verdane Specialist growth equity investment firm Verdane has hired an M&A veteran as partner into its London office. Helena Svancar, who joins the investment team, was previously head of M&A at Swedish telecoms and technology heavyweight Ericsson. The [...]
Crypto comes to the Commons September 8, 2022 "There is no inevitability that blockchain adoption would see us all roll away to hell in a crypto-crashed handcart," argues Lord Holmes.
Homebuyer enquires hit their lowest since 2020 as record low stock levels drive up prices September 8, 2022 The Royal institution of Chartered Surveyors (RICS) has today warned that the main driver behind price growth is record low stock levels. Homebuyer enquiries have fallen sharply – hitting their lowest since April 2020. Meanwhile, sales expectations are the ”most downbeat” since RICS began surveying the market in 2012. Senior RICS economist, Tarrant Parsons, said [...]
Web3 will co-exist with centralised aggregators like Facebook, Twitter, YouTube et al September 8, 2022 Dr Chris Kacher explains how he believes Web3 will allow property to smoothly transition across centralised platforms.
Property giant warns about growing fears of rapid slowdown in ‘a market teetering on the brink’ September 7, 2022 One of the UK’s biggest property groups has urged the new Prime Minister to address Britain’s housing crisis calling for “radical change”. The National Association of Property Buyers (NAPB) told City A.M. there is now growing fears of a rapid slowdown in a market which is “teetering on the brink”. And the NAPB added that [...]
From home repossession to a virtual home in Metropolis metaverse September 6, 2022 A can-do attitude mixed with a pinch of hope has secured a new home in the Metropolis metaverse for journalist and activist Jillian Godsil.